The date for filing your taxes is near. While it would be great if you end up with a refund, there are just times when you have to be prepared for the worst which is an unexpected tax bill. At one point in our lives, we can end up with an unexpected tax bill and if this is the point you are in; don’t worry as there are so many effective ways you can do in order to raise cash to pay off your taxes. Below are some of the effective strategies which you can try so that you won’t end up owing the CRA.
- Withdraw your savings and use it to pay your unexpected taxes. This is really what savings are for – to clear out unexpected or urgent expenses. Don’t think twice about this strategy because it is always best to be free yourself from financial obligations with the CRA.
- If you don’t have cash to pay off your taxes, use your credit card. It is now possible to pay using your credit card. If you have some issues with your taxes and you can’t find any other solution to pay it off, use the extra credit on your card to clear out your taxes for this year.
- Contact the CRA for an extension. Try calling the CRA if they can grant you a grace period for tax settlement. Often, they are willing to give extensions to people who are in worst financial situations.
- Instead of paying in full, agree on an installment repayment plan. The CRA often grants installment payment to tax payers who can hardly comply with the full annual payment. Call them if this is an option available for you. But remember that when you choose this option, you can end up paying more. So give it a thought first.
- Apply for an additional job. Rather than just working for 40 hours a week, why not make it 50 hours by working a few more hours on the weekend. When you do this, you will be able to generate enough cash to cover your unexpected tax bill. As long as this won’t affect your relationships and won’t give you too much stress, give this option a consideration.
- Apply for Kingston auto pawn loans. Right now, auto pawn loans are the best solutions to urgent finances like unexpected tax bills. Use your vehicle as collateral for the auto pawn loans. You can borrow up to $25,000 depending on the value of your car. Don’t worry as you can still use your car during your repayment period. What are you waiting for? Contact Instant Loans Canada today to avail of its Kingston auto pawn loans.